8/20/2024
Throughout my years as a Christian coach and business coach, I've had the privilege of mentoring many individuals, guiding them not only in real estate investing but also in navigating the deeper questions of life. One of the most recurring themes I encounter is the desire to leave a lasting legacy for our children—a legacy often measured by the size of the estate we pass down. Many of my students express a noble desire to be successful so that they can leave a substantial inheritance for their children and grandchildren.
On the surface, this seems like a commendable goal. I’ve shared that dream myself, imagining a future where I could leave my kids millions, perhaps even billions, of dollars. But then, one day, I had a moment of profound clarity—an enlightenment that reshaped my understanding of what a true legacy should be.
It wasn’t an epiphany about the desires of my students or even the desires of others. Rather, it was a realization of the fallacy in my own desire. I’ve shared this insight with many over the years, and I believe it has opened the eyes of others as well. Today, I want to share it with you.
I can’t pinpoint the exact moment it happened, but at some point, I began to see things clearly. I realized that my primary motivation for wanting to leave a large estate for my children had more to do with me than with them. You see, a legacy isn’t about glorifying ourselves; it’s about building up others in a way that honors God. I found that when I said, “I’m doing it for my kids,” I was simply adding a veneer of nobility to what was, at its core, a selfish desire to accumulate wealth. If I had told people that I wanted to be filthy rich, regardless of the time sacrificed with my family, they would have rightly seen me as someone driven by ego. But by saying, “I’m doing it for my kids,” I could mask my true intentions and appear heroic.
I want to challenge you, as I’ve challenged myself, to be honest in this area. If you find yourself thinking or saying similar things, it’s worth reflecting on whether your motives align with the legacy God calls us to leave.
Now, let’s consider the scenario where, upon my death, a large estate is indeed left for my children. Frankly, that possibility scares me. I’ve seen how such events can divide and destroy families. The more money involved, the greater the potential for conflict. While there are exceptions, I’ve noticed that when there’s less money on the table, there tends to be more peace.
But even if a large inheritance doesn’t tear a family apart, it can still harm the individuals who receive it—especially if they are ill-equipped to handle such wealth. When someone, regardless of age, suddenly comes into a large sum of money without the wisdom to manage it, the likelihood of that money leading to their ruin rather than enhancing their life is high. Would you want to leave a large estate to your children if you believed it might ruin their lives?
The sad truth is that many people achieve their dream of leaving a large inheritance, only to be spared from witnessing the destruction that often follows. While they were busy building their estate, they often neglected to pass along a financial education to their children—teaching them the value of money and how to use it wisely. A fool with a lot of money is likely to bring about his own downfall.
When it comes to money, the greatest inheritance you can leave your children is a solid financial education. If you give them this, they won’t need your money to thrive. On the other hand, if you leave them money without the education to manage it, you may be setting them up for failure. But if you can impart both—wisdom and wealth—it can lead to extraordinary things.
Finally, and most importantly, if you truly want to leave your children with the greatest inheritance, you must pass on a legacy of faith in Jesus Christ. This is more valuable and secure than anything else you could teach them. It is the ultimate inheritance and should be at the top of our list of what we desire to leave for our kids. This one gift will transform how they view and handle everything else in life. With a strong faith, they will be equipped to navigate any challenge that comes their way.
Be blessed!
P.S. I didn’t write this article to debate whether or not we should leave a financial inheritance to our kids, and I understand that there are many scenarios that could be discussed to make different points. For example, sometimes someone may inherit a lot and lose it all, only to gain wisdom through that loss. Other times, the responsibility associated with an inheritance can lead people to seek the wisdom they previously lacked. The key point is to start with a financial education—once that foundation is laid, everything else becomes secondary.
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